Increasing costs, discerning customers, and innovative disruption are just a few of the challenges faced by health and life insurance companies. How can a cryptocurrency technology like blockchain potentially solve these problems and more?

Using blockchain in health and life insurance: Seeking wisdom from the crowd

Health and life insurers are among the many players scrambling to determine how blockchain could be adapted to improve the way they maintain records, execute transactions, and interact with stakeholders. Key questions center on whether blockchain’s unique attributes could help insurers cut costs, manage risk, improve customer service, grow their business, and, ultimately, bolster the bottom line.

Deloitte’s Center for Health Solutions and Center for Financial Services recently partnered on a crowdsourcing research project to look into how health and life insurers might leverage blockchain and related technologies to strengthen key elements of an insurer’s value proposition. The crowd’s mission was to brainstorm how this emerging technology could be applied by insurers in the next five to 10 years to improve current standard operating procedures and systems while enhancing the customer experience.